Financial Services Commission: "Information on Suspected Malicious App-Infected Phones to Be Rapidly Shared with Financial Institutions"

Strengthening Cooperation Between Police and Financial Institutions
for Proactive Voice Phishing Prevention

The Financial Services Commission announced on August 14 that information about mobile phone holders suspected of being infected with malicious apps, which is held by the National Police Agency, will soon be rapidly shared with financial institutions.

This measure is a follow-up to the "Field Meeting to Eradicate Voice Phishing" held on July 28. At that time, Vice Chairman Kwon Daeyoung of the Financial Services Commission urged, "Do not wait for time-consuming system development or legal amendments; instead, implement all possible measures immediately to prevent voice phishing damages."

Until now, the National Police Agency faced difficulties in quickly sharing information about suspected malicious app-infected mobile phone holders with financial institutions. In particular, during the field meeting on July 28, there were calls for actively considering ways to smoothly share information on suspected malicious app infections held by the police with financial institutions through electronic systems.

In response, the Financial Services Commission and the National Police Agency have enabled real-time dissemination of information on suspected malicious app-infected mobile phone holders, held by the police, to all financial institutions via the Financial Security Institute’s electronic system, the Fraud Information Sharing System (FISS).

Authorities expect that, with this measure, financial institutions will be able to quickly verify whether customers suspected of being victims are infected by malicious apps through their electronic networks. They will also be able to promptly conduct inquiries and implement temporary measures such as restricting withdrawals and transfers, thereby responding proactively and effectively to voice phishing.